What are the concepts and principles of effective written and oral communication? Please explain your understanding of the concepts and principles

Use excel spreadsheet to solve the following problems Problem 1: A young engineer’s stating salary is 55,000. The engineer expects annual raises of 3%. The engineer will deposit 10% of the annual salary at the end of each year in a savings account. What is the savings interest rate must be so that there will be $150, 000 in savings for a business start-up after 15 years. Your spreadsheet include at least columns for the year, the year’s salary, the year’s deposit, and the year’s cumulative savings.Show the formula you use for calculation

What is Petty Cash and how is it represented on the balance sheet? What types of expenses are used with petty cash?

Sometimes there can be errors while making change for a customer or recording a check incorrectly. What are some of the controls we can put over cash that would help prevent errors?

The Regal Cycle Company manufactures three types of bicycles—a dirt bike, a mountain bike, and a racing bike. Data on sales and expenses for the past quarter follow:

*Allocated on the basis of sales dollars.

Management is concerned about the continued losses shown by the racing bikes and wants a recommendation as to whether or not the line should be discontinued. The special equipment used to produce racing bikes has no resale value and does not wear out.

Required:

1. What is the financial advantage (disadvantage) per quarter of discontinuing the Racing Bikes?

2. Should the production and sale of racing bikes be discontinued?

3. Prepare a properly formatted segmented income statement that would be more useful to management in assessing the long-run profitability of the various product lines.

See the "Zane Corbin, Accounting Major" case for this question. Reportedly, one member of the hearing panel believed Zane was guilty of the charge filed against him but voted to acquit him because the adverse consequences Zane faced if the Upchurch Medal was rescinded far outweighed the severity of the "indiscretion" he had committed. Was that a reasonable or appropriate justification for voting to acquit Zane? Defend your answer.

Hi-Tek Manufacturing, Inc., makes two types of industrial component parts—the B300 and the T500. An absorption costing income statement for the most recent period is shown:

Hi-Tek produced and sold 60,400 units of B300 at a price of $21 per unit and 12,600 units of T500 at a price of $39 per unit. The company’s traditional cost system allocates manufacturing overhead to products using a plantwide overhead rate and direct labor dollars as the allocation base. Additional information relating to the company’s two product lines is shown below:

The company has created an activity-based costing system to evaluate the profitability of its products. Hi-Tek’s ABC implementation team concluded that $53,000 and $102,000 of the company’s advertising expenses could be directly traced to B300 and T500, respectively. The remainder of the selling and administrative expenses was organization-sustaining in nature. The ABC team also distributed the company’s manufacturing overhead to four activities as shown below:

Required:

1. Compute the product margins for the B300 and T500 under the company’s traditional costing system.

2. Compute the product margins for B300 and T500 under the activity-based costing system.

3. Prepare a quantitative comparison of the traditional and activity-based cost assignments.

Accounting for Bonds Payable On January 1, 2015, Crabb & Co. issued 10-year bonds with a total face value of $500,000. The bond requires annual interest payments on December 31 at a stated rate of 6%. Bonds with similar features are discounted in the market at 8%

.1. DATE ACCOUNT NAME DEBIT CREDIT BALANCE SHEET INCOME STMT A = L + E R - E 01/01/15

2.Prepare the entry at 12/31/15 to record interest expense, cash paid, and discount amortization. DATE ACCOUNT NAME DEBIT CREDIT BALANCE SHEET INCOME STMT A = L + E R - E 12/31/15

Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 230 units @ $ 15.50 = $ 3,565 Jan. 10 Sales 180 units @ $ 24.50 Jan. 20 Purchase 190 units @ $ 14.50 = 2,755 Jan. 25 Sales 220 units @ $ 24.50 Jan. 30 Purchase 360 units @ $ 14.00 = 5,040 Totals 780 units $ 11,360 400 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 380 units, where 360 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Exercise 5-4 Perpetual: Income effects of inventory methods LO A1 Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $2,150, and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places.) 2. Which method yields the highest net income?

The following balances have been extracted from the records of Pam Goal’s business as at 30^th July 2020. Pam’s business is called “Honeypot” and she sells cakes and confectionery from a small high street shop.

The following transactions occurred during August 2020:

Required:

1. Prepare the journal entries.
2. Record the transactions in the ledger accounts.
3. Prepare the trial balances as at 31 August 2020.

a company has the following at January 1, 2018

2,000,000 shares of common stock issued and $1 par outstanding 4,000,000 shares authorized

Additional paid in capital $5,750,000

retained earnings $12,345,000

During 2018 the following happened

Net income: $6,789,000

cash dividend declared May 15: $.70 per share

cash dividends paid on Jun 30th

stock dividends declared on November 30th : 17%

stock dividend distributed on 12/31

the market price of the stock has been $36 all year

Prepare journal entries to record cash and stock dividends

prepare a owners equity section of the balance sheet of 12/31/2018

Rock Solid Bank and Trust (RSB&T) offers only checking accounts. Customers can write checks and use a network of automated teller machines. RSB&T earns revenue by investing the money deposited; currently, it averages 6.90 percent annually on its investments of those deposits. To compete with larger banks, RSB&T pays depositors 0.50 percent on all deposits. A recent study classified the bank’s annual operating costs into four activities.

Data on two representative customers follow.

Required:

a. Compute RSB&T's operating profits.

b. Compute the profit from Customer A and Customer B, assuming that customer costs are based only on deposits. Interest costs = 0.50 percent of deposits; operating costs are 4 percent (= $40,500,000/$1,012,500,000) of deposits.

c. Compute the profit from Customer A and Customer B, assuming that customer costs are computed using the information in the activity-based costing analysis.

TSK Corp. operates a document storage company. Scott, the president owns 40% of the stock. In 2018, TSK Corp. had Book Net Income of $800,000.The following items were included in Book Net Income: Dividend income 20,000 Interest income 10,000 Long term capital gain 8,000 Federal tax expense 213,000 Further discussion with Scott revealed the following additional information: The corporation is a calendar year end and uses the accrual method of accounting. The dividends were from a domestic corporation and TSK owns 20 % of this stock. Interest income is from US Treasury Bonds. Book expenses included a $5000 penalty for late payment of Federal taxes, and $12,000 premiums on officer life insurance Book expenses included an estimated bad debt expense of $40,000. Actual bad debt write offs during the year were $19000. Tax depreciation exceeds book depreciation by $14,000. The corporation has a long term capital loss carryover of $10,000 from 2016, On July 1, 2018 TSK Corporation paid a distribution of $120,000 to its shareholders. At December 31, 2017, the corporation had an accumulated deficit in earnings and profits of $ 42,000. Assume a 21% tax rate. Based on the above information compute TSK’s 2018 earnings and profits as of December 31, 2019.

January 1, 2018, a company is authorized to issue 200,000 shares $1.00 par common stock and 5,000 shares $200 par 5% cumulative and non-participating preferred stock. The transactions took place in 2018

Jan 14: issue 5,000 shares of common stock at $17 per share

Feb 2: issue 4,000 shares of preferred stock in exchange for building with a fair market value of $800,000

July 6: Re-purchased 2,000 shares of common stock at $18 per share (cost method)

Aug 15: sold 2,000 of the treasury shares at $19 per share

Dec 31: declared preferred dividends and a common stock dividends of $2.00 per share

Dec 31: close the income summary account ($150,000 of net income)

Prepare Journal entries for each transaction and prepare the statement of changes in OE for the 2018 year end.

If the partners have no partnership agreement specifying how to divide profits and​ losses, then they share profits and losses equally.

B.

The profit sharing is always based on each​ partner's capital balances and any losses will be shared equally.

C.

It is legally required to share the profit and losses​ equally, irrespective of the partnership agreement.

D.

The stated ratio of profit sharing needs to be approved by the SEC.